Recently, the GENIUS Act passed in the United States marks a significant turning point for stablecoins, setting a regulatory precedent that could shape digital finance globally.
Fabian Dori, Chief Investment Officer of Sygnum Bank, elaborated in the latest episode of Cointelegraph's Byte-Sized Insight podcast on how the act will impact the adoption of stablecoins, institutional participation, and international regulatory consistency. Innovation and Stability
The GENIUS Act introduces a clear federal regulatory framework for fiat-backed stablecoins, requiring issuers to provide full transparency, including one-to-one asset backing, mandatory federal licensing, and independent reserve audits.
According to Dori, these provisions are crucial for promoting responsible innovation and financial stability.
“I really believe the impact of the GENIUS Act will be significant, both in the short term and long term,” Dori said.
However, one controversial aspect of the act is the prohibition of yield-bearing stablecoins, which could significantly reshape the way stablecoins are integrated into decentralized finance (DeFi).
Dori pointed out that this move may create a clearer market distinction between payment-oriented stablecoins and yield-generating tokenized money market products.
“It is indeed no longer possible to earn yields directly by holding fiat-backed stablecoins,” he said.
Another key topic of discussion is the regulatory divergence between Europe and the United States.
Europe has maintained a cautious stance in its regulatory approach, particularly regarding the digital euro initiative, and may now face pressure to accelerate innovation due to the U.S. stance with the passage of the GENIUS Act.
“It seems that the U.S. is more focused on allowing and promoting an innovation framework, while Europe is primarily concerned with risk management,” Dori said.
Related: Tether reports $4.9 billion in profits for Q2, as stablecoins enter the mainstream
Original article: “Expert Opinion: The State of Stablecoins After the GENIUS Act”
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